Fraport: Q2 underlying EBITDA to be broadly flat y/y; see improving set up from here

研报英文原文证据摘录

Fraport: Q2 underlying EBITDA to be broadly flat y/y; see improving set up from here

ses J.P. Morgan India Private Limited

to €82 as a result of our lower estimates.

Specialist Sales contact details:

• Expect Q2 total revenues to be up 1.6% y/y ex IFRIC 12. We expect Q2 Sam Edmunds - Specialist Sales -

Aviation revenues to be €351m (+0.6% y/y) entirely driven by 2026’s tariff European Industrials

increase, with already reported traffic down 3.2% in the quarter. We expect Q2 (44-20) 7742-8733

Retail and Property revenues to be €140m (+0.6% y/y) with price increases in sam.edmunds@jpmorgan.com

parking and the improved SPP in Terminal 3 offsetting the lower traffic Ian Mitchell - Specialist Sales -

volumes. We look for 2.8% growth in Ground Handling revenues to €231m, European Energy

with the sequentially slower growth reflecting weaker traffic trends and a more (44-20) 7134-1356

ian.e.mitchell@jpmorgan.com

challenging base comparison, which now includes the market share gains made

in April and May last year. We expect positive trends across the group’s Key Changes (FYE Dec)

international airports, noting encouraging reported traffic across the portfolio, Prev Cur Δ

Adj. EPS - 26E (€) 3.57 3.42 -4.2%

the ~2% pricing uplift from April in Greece and positive developments in Adj. EPS - 27E (€) 3.79 3.62 -4.5%

Retail and Real Estate activities in Lima. We forecast overall Q2 revenues in

International of €399m (-2.4% y/y, but +3.2% ex IFRIC 12). Overall, we expect Style Exposure

total group revenues to be up 1.6% y/y ex IFRIC12 at €1.1bn.

• Expect Q2 EBITDA to be €376m, 0.3% lower y/y on an underlying basis.

We expect Q2 group reported EBITDA to be €376m with a y/y decline in

aviation EBITDA as a result of weaker traffic, the step up in opex associated